Did anything specific happen for the market to move like this today? Yall out here talking about cryptos and cranberry sauce?
Over the past two days, Glassnode data shows that short-term holders or those that have held bitcoin for less than 155 days, have sent $7.8 billion or 83,000 BTC to exchanges at a loss over the past two days.
In notional terms, this is the highest number on record. When this cohort tends to send $2 billion or more worth of tokens to exchanges, at a loss, it generally marks a local bottom.
With bitcoin changing hands at 7% away from its all-time high, investors that have bought in the past week are the only entity that would be sitting in a loss.
www.coindesk.com
Over the past two days, Glassnode data shows that short-term holders or those that have held bitcoin for less than 155 days, have sent $7.8 billion or 83,000 BTC to exchanges at a loss over the past two days.
In notional terms, this is the highest number on record. When this cohort tends to send $2 billion or more worth of tokens to exchanges, at a loss, it generally marks a local bottom.
With bitcoin changing hands at 7% away from its all-time high, investors that have bought in the past week are the only entity that would be sitting in a loss.
Short-Term BTC Have Moved Nearly 83K BTC to Exchanges (at a Loss), Hinting at a Local Bottom: Van Straten
As bitcoin approached $100,000 we saw record notional profit-taking, however, as bitcoin dropped to almost $90,000 we are seeing record notional loss-taking.
